Home Trading Strategies 5 Things Winning Traders Do That Losers DON’T

5 Things Winning Traders Do That Losers DON’T

5 Things Winning Traders Do That Losers DON’T

so in today’s video I wanna share with you five things that profitable traders do they’re losing traders don’t but here’s what I want to know leave a comment below and let me know your thoughts right what is the one thing that profitable traders do that losing traders don’t leave a comment below and share your thoughts with me so the first thing right is number one profitable traders they go all-in so what do I mean by going all-in so let me share with you a story so as you know back then right in university is where I got involved in forex trading and when I graduated I knew right that I wanted a career in trading so most of you know that you know I got a job in proprietary trading but what I didn’t share on what you may not know is that how I got a job in prop trading so when I graduated right I spent almost six months just to get an opportunity in proprietary trading right it is done difficult from where I am right to get a job down there so I was in a job spotter I was awesome meeting my resume and I wasn’t getting response right for the first few months then I decided to you know take things into my own hands right I started googling for the local prop trading firms in my country I find out what’s their address I go down to the office and personally handed my resume to them and I think I handle I you know to about ten firms and none of them reply me yeah so there was a little bit depressing right but one fine day right I saw another job opening on the jobs portal I quickly registered right and I had an interview I got the job live I was like roof finally an interview so the interview I believe I pretty much aced it that interview because I was offered the job on the spot so it’s like so do you want to say yes when can you start a say right now boom the next thing you know after interview I start job I start working for the firm immediately however things you know didn’t start to well so when I at the point that I was really anxious I want to get a job so any job in proper training I just said yes and I realized that a job offer that I too was a firm that specialized in algo trading right they are looking for proper traders who specialize in algo trading so let’s call it from a and the thing about prop trading in Singapore is that it’s a really small industry the the the bosses of all these different companies they pretty much know each other and one of the cardinal rule that they have down here is that if you work for any of the prop trading firm here in in Singapore it’s very hard to kind of you know move from one form to the other because they don’t want to do any no poaching and stuff like that so usually if you work for this particular forma it’s quite difficult to move on to another firm right in proprietary trading in Singapore especially from where I came from okay so this for me specialized in algo trading and you know a couple of weeks and then I realized that man this is not for me okay I want to get out of it before I because I was aware of this Connie no ruin before I sink in any deeper I wanna quickly get up and join the firm that you know traits the way that I want to trade which is you know price action stopping and stuff like that so it is for the time there is another form right let’s call it frumpy right that focus on price action they were hiring traders at will as well I’m still on the jobs portal hunting for it and I realized that’s an opening I quickly sign up for it I got an interview as well and it’s interesting right now sometimes when you know things don’t go your way you really get nothing when things really go away all this offers and interviews coming so yeah I got an interview from P and I aced the interview as well the only problem is I told you that you know I was really working with from a righty I’ll go trading for me and they have this rule off you know firms right cannot push traders from other firms in this so same issues not explaining today minutes is doing Reena we will try to work it out we will the boss from from P right we’ll talk to the bosses it for me and you know see how things work out so I departed time right I was thinking man should I continue staying from a or leave so I decided you know it’s better to leave right so I could be kind of my ties with firm a right hoping that you know I would increase my chance of getting a job it from be okay so this was a report that I thought that was the best thing to do because the deeper I sing right the harder it would be to get out so I quickly that sort of like know cut my losses and get out of it and at a point in time right from PSO kind of reassured me they know there’s a good chance they know this this should work out so I left my job right and I’m embrace around Chinese New Year so you know I waited for a week a month two months three months and you know I keep following with you know this bumpy ride of the boss say hey you know what’s going on I’m not am I joining you guys all right and they keep saying no the boss is it for me hasn’t give me a reply yet and that’s where I kind of realized I got played out right I believe I got played out I get up to this day I do not know what went on behind the scenes but from what I was told right is that the boss was said from a1 to happy that I left so they did later I give him back a reply to the bosses at firm Peter wanted to hire me so any point in time right the delay just kept getting longer and longer and to a point where they just gave up and it didn’t us anymore so I was once again jobless so I was so close right to getting a job in prop trading and then bum I wasn’t jobless again come out of the industry when I was when I just barely stepped foot in and and most trade at this point in time right how would they feel they feel like man you know this industry is the shady man is unfair I than the people there are cheaters they’re liars alright and you know trading doesn’t work in and stuff like that all these excuses but for me I didn’t care I wanted my foot in the damn door so what I did is that I was still continuing right giving a resumes to firms physically I’ll see a jobs bottle hunting for prop trading jobs obviously you know refreshing every single damn day to make sure if there’s a new opening I’ll be the first to sign up and then the breakthrough came let’s call it from F so why from F because this firm right adopts a mentality right all right yes I said the F word right but this really if this one really believes in this they they just you know just it so as I’ve said right there this cut in a room where no traders cannot poach other trades but this form they didn’t care right they just want to do you know business the way it is right business means business I don’t care this trader used to before you’re from or not we are still gonna you know hire anyway and the good thing is that apparently this firm F right didn’t like the boss from from a so that was an added advantage to me so I gotta interview it firm F the firm they hired me they got me in and that’s where I got true right my prop trading job price if you ask me right from the day I graduated a I got a job it for me if it took me close to a year right off job hunting getting my foot into proper training dog giving up resuming and this is what I mean Mike go all in all right there’s no way I could have gotten a job it from everybody you know just give up after the first attempt right there’s no way I could have gotten a job at prop trading right if you know after one two months no reply I give up there’s no way I could have gotten in the prop trading right if I listened to the I say man we need you to get a job right get a fixed paying job yada yada yada alright so this is what I mean by you know profitable traders they go all in when you want to master a craft when you want to do something you go all in it will be obstacles along the way dude I faced this this this huge obstacles that did so although a year of my life and this doesn’t mean that no more my going to proper training I got paid immediately no from if they don’t pay an allowance not profit-sharing from the start so I don’t have any allowance all right and my income rate for their hope here is really really I was a miniscule okay so this is what i’ma go all-in number two question everything so profitable traders they question everything so when I first got started in trading right so one of the key things I learned is support resistance and I read from you know books horses which says then you know the more time support for example the more time support is tested the stronger it became and at first I I bought into that I realized it kind of exists just the more time it hits support right the price it suppose the stronger it became but it’s tough to watch the markets I realized that that doesn’t seem to be true right I realized and the more times support gets here the right the more obvious the level it becomes the higher chance that you’ll break so that based on you know my own experience my own trading result I realized that a more time support is being tested especially we did a short period of time the greater the likelihood you’ll break so you can’t visualize what this means right let me just briefly it’s I mean just draw this for you so know this is an area of support right okay price comes in bounced up comes back down comes back here so the more times right price test support within a short period of time all right this looks something like a descending triangle the greater the odds right the price would break below it because now there’s a lot of a cluster of you know self stop orders from traders for a long you know there’s a good chance that the market will just you know break through lower triggering those plaster off stops so usually when this happens right again right it’s a sign of weakness and it’s a sign that support it’s likely to break so this is one example of you know question everything right so if you don’t question everything just like everything at face value you realize that you know you might be going down the wrong path and that’s not the only one second make market trends so again if you study uh you know textbooks all right internet blog everything you’ll see that people say that the market tends to trend about thirty percent of the time okay again I bought into that okay market trends about 30% but then recently I’ve done my own back testing and I realized that okay for the forex market not all currency pairs are the same some currency pairs tend to trend better and some currency pairs if you you take a trend trading approach right you lose money so let me share with you some of this data with you I’ve not shared with anyone before but you know just to explain what I mean so for example like this is a you can see over here right this is the equity curve right of Aussie Canadian right so when you apply a trend trading strategy or breakout strategy on Aussie Canadian you you buy the highs and you shot the lows you can see that this strategy loses money in the long run right you start off with 100k right and over the long run about 11 years of back-testing right you notice that Aussie Canadian loses money so this tells you that this currency pair tends to mean revert instead of trend and if you look on the other hand pound dollar again you apply the same technique right you if you look at the daily candles you look too long the highs okay and if the price hits the previous day low you exit your long trip and go shot and you hold a short trip until the price hits the previous day high you exit a short trade and you go along if you do that okay you realize that pound dollar tends to make money in the long run so this tells you that this pound dollar is a trending currency pair so this is what I mean by no question everything right so just because I’m just get this out of the way so just because someone says that the market tends to trend 30% of the time right it’s very easy right to get to except in the face value but when you do testing you kind of realize well that’s not really true as I just share with you right ozzie Canadian Hartley trends in fact it trains less than 30 percent of the time if you apply a trend trading strategy to Aussie Canadian it tends to lose money and we are talking about a daily timeframe and if you play on a trend trading strategy on pom dollar it would tend to fare better so second thing is what profitable traders do is they question everything number three profitable traders or what I do is that they trade with an H so what is an H and H is something that you do repeatedly over time that makes money so for example let’s say you know we’ve got a coin okay a coin and every time you toss a coin it gets hit let’s say you make $2 okay $2.

00 and every time he comes up till you lose a dollar so clearly this coin toss for you right it makes money for you in the long run because your coin toss whatever content you are tossing with the odds that you have it gives you an edge in that coin toss and it’s the same for trading but you must have an edge in the markets because imagine if you are the on the opposite the opposite side of this coin toss every time he comes up hit you lose to two dollars every time he comes up till you make a dollar you can imagine in the long run you’re gonna lose money it doesn’t matter whether you have the best risk management in the best psychology you don’t have an itch period right you are gonna lose money and if you think what is casino business their business works because they have an edge over the players every game every slot machine every card game in a casino the player right they don’t have an edge over the house yes you can you know level the playing field by you know card counting and stuff like that but generally right the casino has an edge over the players and that’s how casino make money if you remove the casinos edge you’re going to go out of business guaranteed nothing is gonna save them right the hot chicks the drinks that give the martinis and stuff like that those cost them money but the reason why they are still in business is because they have an itch it’s the same for trading you’re right if you don’t have an age the best psychology the best risk management your risk reward ratio your trade management it all doesn’t matter you’re still going to lose money in the long run so profitable traders they trade within each mix profitable traders they focus on the process not the results what are we mean by this so let me just generally break down to you the process right there are discretionary traders use try to find trading success it suddenly what I call the door method so D over here stands for develop your trading strategy once you’ve developed a trading strategy right you then execute it right execute the trades according to your trading strategy your trading plan once you fake you sick execute your trades right you would record your trade so I know where you enter where you exit right the charts that of the setup that it took once you record it down you start to review your trades right so you have a sample size of you know 50 hundred traits you tend to review your trades and find out you know what are certain patterns that lead to your winners what are certain patterns that lead to your losers okay so once you review right then you can you know iterate and work on in right you start focusing more on patterns that lead to winners and avoid those patterns that lead to your losers so this generally is the process of how you know discretionary traders become profitable this is the process and a problem with most traders out there is they don’t focus on a process they focus on mainly the execution the results they focus on execution and they pray they prayed and it’s gonna be a winning trip please Lord let this be a winning crew please the problem with just focusing on the execution just focusing on the results is that you don’t see the big picture you don’t see the process and when you win money and when you make money or when you lose money you don’t know why because you’re not looking at a process it’s like kind of like body building you know what I’m building where you know they try to you know build muscles it’s like you know taking all the creating the supplement and you’re not working on in the gym and you wonder hey man why isn’t my biceps getting bigger why isn’t my chance you know expanding well because you’re not focusing on the process you’re just focusing on you know the easy stuff right you know the supplements the creating right the multivitamins right but you’re not looking at a process and it’s the same for trading right you have to focus on the process not just the easy stuff the exciting part execution the entries know the process my friend and this is what profitable traders do they focus on the process and not just the results and finally write profitable traders they let the market come to them they don’t chase the market they let the market come to them big difference let me explain so for example right let’s say the market breaks out over here and at this point in time right profitable traders right or winning traders they would have really been a tree they wouldn’t be looking at it she say oh man my icebreaker is so high so bullish look at a candle so huge time for me to buy well at this point if you do this right you’re not letting the market come to you instead you are chasing the markets you’re chasing the markets because you know it’s it’s so bullish right now it’s so high it’s exciting right now and you buy you buy over here and the problem with buying over here is where you’re gonna put your stop loss well more straight as you put your stop loss according to the the risk amount you’re willing to tolerate you know maybe 200 or $3.

00 I don’t know so they put a stop or somewhere here here and here there about we didn’t that reach can you know that the market you know when he breaks out it tends to no mean revert do a pullback and when they pull back right guess who’s stop-loss is gonna get hit well those traders who chase the market right always gonna hit all your stop-loss alright market comes back to here previous resistance that could behave as support then a reverse up higher and then treat us we go stopped out and they look at the market man I knew this is gonna happen man well if you knew this is gonna happen then you wouldn’t be chasing the market and first place my friend right so yes this is what I mean by don’t chase the market let the markets come to you so how do you do it right so for breakout for example if you miss the move right let the market come to you let it come to a market area a structure right where you can enter and better time your entry where you can set a reasonable stop-loss so let’s see the market does pullback you enter somewhere here where’s the logical level to set your stops maybe you can set it somewhere here right because if the market breaks down right then this previous resistance there can support its invalidated and chances are the market right though the breakout is has fill right so this is a logical place to put your stop loss or maybe even below this area of support up to you right but you get my point right don’t chase the market let the market come to you another example that I can share with you is trading and support so we don’t the price you know it’s it’s in a range right and you tell them I know I’m gonna buy it support but as you see the price leaving support right here in my Intel’s of made I miss the move right price has already left support but hey that’s a good chance is gonna come into this area of resistance over here let me buy over here so again right can see that instead of buying in support chasing a market up higher okay hoping to get just this little bit of the move right while your risk right is now this portion over here so can you see from Murray’s to reward standpoint it doesn’t really make sense anymore maybe the market could hit up higher or maybe who just reversing it you know stop you up for your trip that’s possible but a point I’m trying to illustrate over here is let the market come to you because if you let the market come to you you can plan better you can execute better and more importantly right you will have a much more tighter stop-loss to say right your stop-loss or I can just leave here’s the market structure and in other words write a title stop-loss offer you a better ways to reward on your tree okay so this is what I want to share with you let the market come to you so quick recap right profitable traders don’t want to go all-in I share with you a story on how I got into proper trading you have to go all-in there’s no such thing as dabble let me try let me check it out no it’s a mask when you do something it’s a must I must succeed there’s no Candice no will there’s no wood there’s no goodness no shoot must number two question everything right as I mentioned right I share with you a couple of things that I taught is according to what a textbook and right but I realize no that’s not really true like for example more time support is tested within a short period of time chances are gonna break yes market trends but different markets right trends differently again it’s very important then we talk about treating with a niche you need an age in your trading because we’re done in each you’re not gonna make money that’s the truth right you need to have a niche number four focus on the process right the process I just break it down for you earlier the Durham method right develop your trading strategy execute record and review the entire process that is it don’t just focus on execution don’t just focus on your entries there’s only one part of the equation and finally we talked about letting the market come to you instead of chasing the market because if you let the market come to you right you can set a better stop-loss you can have a tighter stop-loss and you can put on a larger position size and still keep your risk constant in the grand scheme of things I basically improves your risk to reward on the trade okay so with that said right if you enjoyed this video hit that thumbs up button and subscribe to my youtube channel the link is all below and if you want to learn more right by my trading approach right you’re gonna learn what you can do to get an edge in the markets my recommendation is cool and learn price action and I’ve got this ultimate guide to price action trading over here go to my website trading with Rainer calm click this orange button and I’ll send this ultimate guide to price action trading to you for free okay so that’s it I’ve come towards the end of this video I wish you good luck and good trade again until next time talk to you soon you


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